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and now this, taxing all those jobs creators, all those small businesses. i don't know why you would want to invest in this country now. gerri: let me ask you this. the congressional budget office has out its numbers. if the fiscal cliff hits they say u.s. gdp would shrink by half a percentage point and that unemployment will rise to over 9%. do you think they have the rights or are they just too conservative? will it be worse? >> if we actually went over the cliff we would be subtracted from domestic demand over $600 billion. that is about four percentage points in gdp. most economists were forecasting in the first half of next year hardly 2 percent growth. if you subtract 4% to spending from that year and a recession that is much deeper. the cbo tense and not be alarmist because they say what they are partisan, but congress read it paycheck, and tey don't want to say congress is being irresponsible and thrusting the economy into the next great depression. gerri: then know whether paycheck comes from. did you know that congress, the vice-president, the pre
and now this, taxing all those jobs creators, all those small businesses. i don't know why you would want to invest in this country now. gerri: let me ask you this. the congressional budget office has out its numbers. if the fiscal cliff hits they say u.s. gdp would shrink by half a percentage point and that unemployment will rise to over 9%. do you think they have the rights or are they just too conservative? will it be worse? >> if we actually went over the cliff we would be subtracted...
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health care tax. the only thing you left out of that wrap is just like greece. >> the first time an attorney general to be held in contempt. >> and the vote that the house republicans want is a political vote. >> they played a bad hand, right now it's going to be a witch hunt. if you get more then it becomes intervention. >> the water has just now breached over the sand dunes. >> hurricane sandy a superstorm meteorologists are calling a once in a lifetime occurrence. the whole coast is devastated. >> the number of ambulances to move these children is remarkable. >> and lost homes in many forms-- ♪ ♪ >> andrew breitbart died this morning, he was 43. he was a publisher, an activist and a commentator, but that says almost nothing about this force of nature. he was a big kid who treated his opponents like humans. it was never about people, it was always, always about principles. . >> the u.s. has just evacuated all personnel from benghazi to tripoli. >> this was something that was a concerted effort,
health care tax. the only thing you left out of that wrap is just like greece. >> the first time an attorney general to be held in contempt. >> and the vote that the house republicans want is a political vote. >> they played a bad hand, right now it's going to be a witch hunt. if you get more then it becomes intervention. >> the water has just now breached over the sand dunes. >> hurricane sandy a superstorm meteorologists are calling a once in a lifetime...
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Dec 29, 2012
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again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive pay cut from medicare doctors, and elections of millions of americans to avoid paying the alternative minimum tax. an increase in the debt ceiling is not part of the discussion. that is significant development for house republicans who won any increase in the borrowing limit it accompanied by an equal amount in spending cuts taking the debt ceiling of the table making it much easier for the scaled-down version to be negotiated. from here senate leaders will try to secure an agreement by sunday morning. if so, democrats and republicans will try to sell its house and senate members. if they can do that the voting begins. there is some progress report this evening, though t
again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive pay cut from medicare doctors, and elections of millions of americans to...
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it will amount toll $25.4 trillion.that's we will call at obama wins. a r the national media waiting forii that one. that is what will be. it will be a really dramaticis s scene. i want to show you exactly how anges. speaker boehner wants, oh, yeah? he isgoing to kick some ail. we are going to get to point you leally in dollars and the spending of this country.that'l let me rephrase that. total a $2.2 trillion reduction in thf total plan spending. we are looking at the republican plan. we will show you just how tough it is. the only difference is how we get there. mr. obama wants one thing and mr. boehner once anothesee and we will see a knockdown drag out fight any big dramatic of negotiation. what you and i and all americans are looking at is the prospect of a recession next year if thed president and mr. boehner can't come to agreement. as much as a 10% unemploymenttyn rate, because both as president and republican parties parties, as you can seema here, they aret playing at the margin in thecust national media is not focusing washit the reality is.
it will amount toll $25.4 trillion.that's we will call at obama wins. a r the national media waiting forii that one. that is what will be. it will be a really dramaticis s scene. i want to show you exactly how anges. speaker boehner wants, oh, yeah? he isgoing to kick some ail. we are going to get to point you leally in dollars and the spending of this country.that'l let me rephrase that. total a $2.2 trillion reduction in thf total plan spending. we are looking at the republican plan. we will...
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tax es are going to go up next year also. >> maybe. >> taxes. >> president obama has never said anyone of those thing. >> happy new year. thank you very much. thank you very much. appreciate it. the night continues head over to cnbc.com for the latest. happy new year everybody and all of 2012. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest
tax es are going to go up next year also. >> maybe. >> taxes. >> president obama has never said anyone of those thing. >> happy new year. thank you very much. thank you very much. appreciate it. the night continues head over to cnbc.com for the latest. happy new year everybody and all of 2012. excuse me, sir i'm gonna have to ask you to power down your little word game. i think your friends will understand. oh no, it's actually my geico app...see? ...i just uh paid my...
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it's that president obama has retreated on his hard line on taxes. obama may think his conciliatory approach has helped avoid economic chaos. instead, he is courting it." i want to go right to jimmy williams because you have been a senate staffer. you understand how this thing works. why would the white house even bother to increase from 250,000 to 400,000. they don't really have to. they're winning this fives fight. >> the only people that actually care whether or not the threshold is 250,000 to 400,000 are these people that are going to vote on it. nobody else really cares. all they really care is that you get a deal. these people are sitting at ground zero. these snores, these liberals. i'm a liberal. i don't care what the thereby hold is. i don't give a damn if it's a million. i just want them to get a deal or go over the cliff, but somebody just make up your mind up on capitol hill. that's what the american people would like to hear. here's the bottom line. even if they do get a deal at 450,000 or 500,000 or whatever that number is, barack obama
it's that president obama has retreated on his hard line on taxes. obama may think his conciliatory approach has helped avoid economic chaos. instead, he is courting it." i want to go right to jimmy williams because you have been a senate staffer. you understand how this thing works. why would the white house even bother to increase from 250,000 to 400,000. they don't really have to. they're winning this fives fight. >> the only people that actually care whether or not the threshold...
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that's what you'd expect to come from president obama. but we're also -- we sort of said tonight is the deadline and that's true because a lot of the tax cuts expire at midnight. the sense we're getting from a lot of sources and from members of congress is that perhaps tonight isn't a hard and fast deadline. mitch mcconnell and the vice president are negotiating in earnest to find a deal. but it's sort of difficult to see how exactly that may come to be by midnight and have votes in the senate and house. the thought is that going over the cliff gives cover for some democrats and certainly some republicans. there will be a lot more pressure after the cliff comes to be to put a solution in place. even after midnight were to come and go, we would see them wo working towards an agreement, e we would expect. >> politicking around a cliff that was always meant to be sort of the suicide that would never be. john avalon said, congress is raising to diffuse a time bomb that congress wired. >> reporter: that's true. the thing is, and we will contin
that's what you'd expect to come from president obama. but we're also -- we sort of said tonight is the deadline and that's true because a lot of the tax cuts expire at midnight. the sense we're getting from a lot of sources and from members of congress is that perhaps tonight isn't a hard and fast deadline. mitch mcconnell and the vice president are negotiating in earnest to find a deal. but it's sort of difficult to see how exactly that may come to be by midnight and have votes in the senate...
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because the tax rates are not the ones that president obama campaigned on. remember the president campaigned saying that he wanted to see taxes going up on those making $250,000 or more. this of course raises taxes on people making $400,000 or more, if you're single, $450,000 for a couple. so folks on the left saying this is not good enough. but the white house, mitch mcconnell, vice president joe biden believes it is a good deal because it represents compromise on all sides. i also spoke to one of my democratic sources who said look, if you look at the way the sequester has worked out, yes, it has only staved off for two months. however, they are off setting the cuts both through revenue as well as spending cuts. the reason democrats believe it is significant is because when they revisit this issue in two months they will set a precedent through revenues, as well as spending cuts. this is something democrats have not won on, in a long time this idea of new revenues. so they believe this sets a new, important precedent as they move forward. now as we reporte
because the tax rates are not the ones that president obama campaigned on. remember the president campaigned saying that he wanted to see taxes going up on those making $250,000 or more. this of course raises taxes on people making $400,000 or more, if you're single, $450,000 for a couple. so folks on the left saying this is not good enough. but the white house, mitch mcconnell, vice president joe biden believes it is a good deal because it represents compromise on all sides. i also spoke to...
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do it as a straight tax reduction. those who resisted it a week ago tax hike on the rich can argue it's not a hike, the hike already happened. but that is the only way to pre-empt obama extending all of this and making the republicans, fall guys for a hike in middle class taxes. >> bret: we're assuming it is past the senate. you have senators who have all expressed major concerns. >> you just know three most liberal senators, it's absurd, it should be million. >> you know anybody can stand up in the senate to cause the problems. >> but a lot of people are unfair and unrealistic and the president moved a lot. the fact he has moved up off of the $250,000 when he has given in on the tax cuts before. i think that the republicans are being extremely unreasonable. none of this adds up. >> bret: we'll talk more about this. we also have an 8:00 p.m. show tonight, believe it or not. we have more to talk about. keep it here. humans. even when we cross our t's and dot our i's, we still run into problems. namely, other humans. whi
do it as a straight tax reduction. those who resisted it a week ago tax hike on the rich can argue it's not a hike, the hike already happened. but that is the only way to pre-empt obama extending all of this and making the republicans, fall guys for a hike in middle class taxes. >> bret: we're assuming it is past the senate. you have senators who have all expressed major concerns. >> you just know three most liberal senators, it's absurd, it should be million. >> you know...
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of course, president obama wants to see the bush era tax cuts extended for those making $250,000 or less while letting it raise on those making more than that. that $250,000 figure is up for debate and is up for compromise. i can tell you that republican leaders on the hill fired back saying he was more interested on assigning blame than getting something done and leading while they are trying to hammer out a deal. that is where things stand right now at the white house. clearly watching these developments quite closely. >> kristen welker, thank you. we will be checking back throughout the afternoon, as well. nchlts for more on where negotiations stand and whether a deal can be reached before the deadline we are joined by michigan democratic congressman. thank you for being here today. we are learning that negotiations have hit a major setback over a republican offer that includes entitlement changes. what exactly you hearing? >> i'm hearing just that. i think that the decision by senator mcconnell to bring up chain cpi is not a helpful step. it will effect the benefits for social securi
of course, president obama wants to see the bush era tax cuts extended for those making $250,000 or less while letting it raise on those making more than that. that $250,000 figure is up for debate and is up for compromise. i can tell you that republican leaders on the hill fired back saying he was more interested on assigning blame than getting something done and leading while they are trying to hammer out a deal. that is where things stand right now at the white house. clearly watching these...
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some people say, raise taxes even more. so that is the pushback that officials are giving to that republican criticism. having said that, they remain optimistic moderately so at this point that something will get done. and of course, president obama sort of continuing his public campaign to pressure congress, not only republicans, but also, democrats who have expressed skepticism about this deal and not getting enough in new revenues. the president saying, look, this is not a perfect deal, not grand bargain, the big deal they had initially hoping for and working on but it is a deal nonetheless and will prevent at least part of the fiscal cliff set to go in to effect in a matter of hours now. >> mike, we talk a lot here about the sequester, the income tax rates for the wealthy and other issues that need to be resolved or one on the table. one that's not on the table, the payroll tax extension is just gone. unemployment insurance extension looks like it's part of this. and medicare dock fix. you have any sense of two other th
some people say, raise taxes even more. so that is the pushback that officials are giving to that republican criticism. having said that, they remain optimistic moderately so at this point that something will get done. and of course, president obama sort of continuing his public campaign to pressure congress, not only republicans, but also, democrats who have expressed skepticism about this deal and not getting enough in new revenues. the president saying, look, this is not a perfect deal, not...
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remember president obama campaigned saying he wanted to raise taxes on those making $250,000 or more. this legislation raises taxes on individuals making $400,000 or more and $450,000 for couples. it is not exactly what he campaigned on. you heard some voices from the left coming out and saying, they're concerned that ultimately this is going to lead to steep cuts in important programs. and you heard president obama come out yesterday and say, look. this is not perfect. part of the reason why he came out yesterday by the way, mara, was not just to pressure republicans to sign off on this deal but also to pressure democrats. sort of preempting some of that criticism that the white house and democrats wound up getting late last night when the details of this deal started to emerge. i think there was concern before the senate voted last night but certainly they're feeling confident about the fact that it did pass the senate with such strong support. >> and we will continue to keep an eye on it. good to see you and thanks. >> you too. thanks. >>> joining me now live republican congressman
remember president obama campaigned saying he wanted to raise taxes on those making $250,000 or more. this legislation raises taxes on individuals making $400,000 or more and $450,000 for couples. it is not exactly what he campaigned on. you heard some voices from the left coming out and saying, they're concerned that ultimately this is going to lead to steep cuts in important programs. and you heard president obama come out yesterday and say, look. this is not perfect. part of the reason why...
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i think that democrats don't want to feel like president obama caved on the tax rates. he campaigned pretty strongly on the $250,000 threshold. now that is moving to $400,000, $450,000 for couples. i think that democrats are thinking we could have gone over and just a couple days republicans would have had to come back and probably would have -- democrats would have had more leverage. that said i think that vice president biden will argue that, you know, this was reasonable and you want to give certainty again to those markets and be able to look reasonable in this process. i think for republicans there are going to be a couple things. first they don't want taxes to go up on anybody and this essentially makes them look like they're voting for a tax increase although they actually would be voting for a tax cut but it is amazing the way it's been framed by both conservative groups and the white house, interestingly. i do think that there are a few things in there in the details if you think about the estate tax change, the changes to dividends and capital gains, and the f
i think that democrats don't want to feel like president obama caved on the tax rates. he campaigned pretty strongly on the $250,000 threshold. now that is moving to $400,000, $450,000 for couples. i think that democrats are thinking we could have gone over and just a couple days republicans would have had to come back and probably would have -- democrats would have had more leverage. that said i think that vice president biden will argue that, you know, this was reasonable and you want to give...
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float the idea of a tax increase in his state. well, it's about the need to beef up the military personnel in case civil war breaks out in case president obama got elected. here's jung herks edd on that one. >> i'm thinking worst-case scenario. civil unrest, civil disobedience, civil war, maybe. we're not talking just a few riots here and demonstrations. we're talking lexington, concord, take-up-arms and get rid of the guy. the sheriff, i said are you going to back me? he said yeah, i'll back you. >> that was his idea of the worst-case-scenario. here's iowa u.s. congressman steve king with how president obama's mother managed to convince us all that her son was born in hawaii, not in kenya. >> i looked into that before he was sworn into the presidency. we look sbood the library of congress and we found the microfiche of two newspapers, only two newspapers in hawaii. each of them had published the birth of barack obama. that doesn't mean that there aren't some other explanations on how they might have announced that telegram from k
float the idea of a tax increase in his state. well, it's about the need to beef up the military personnel in case civil war breaks out in case president obama got elected. here's jung herks edd on that one. >> i'm thinking worst-case scenario. civil unrest, civil disobedience, civil war, maybe. we're not talking just a few riots here and demonstrations. we're talking lexington, concord, take-up-arms and get rid of the guy. the sheriff, i said are you going to back me? he said yeah, i'll...
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this deals with the issue of taxes, something that president obama has been talking since 2008. campaigned on this issue in 2012, and the third part will be that march trifecta, when you are going to have both the budget to deal with as well as the debt ceiling and the sequester issue, which will come back again, those are some of the details my colleague, chuck todd, gotten from inside that meeting with the senate democratic caucus. we expect president obama to be briefed on that meeting as well. vice president biden played a key role in negotiations. i am getting details from democratic source who's say the president has played an important role as well. working the phones. apparently last night after vice president biden had spoken to mcconnell, he, the president, a number of staffers met from 1:00 a.m. until 1:45 and sort of hammered out the final details of this deal and then their staffers were up until way past 3:30 this morning. this is something that has been going on overnight while a lot of people have been sloping on the white house and that is the latest we've been
this deals with the issue of taxes, something that president obama has been talking since 2008. campaigned on this issue in 2012, and the third part will be that march trifecta, when you are going to have both the budget to deal with as well as the debt ceiling and the sequester issue, which will come back again, those are some of the details my colleague, chuck todd, gotten from inside that meeting with the senate democratic caucus. we expect president obama to be briefed on that meeting as...
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that's what they did with obama care. that's how the senate has done on a bipartisan basis, tax bills for i think the last 30 years. they deem this stuff -- they voted. they go home and say, look what we accomplished. nobody knows what's in the bill. none of the details are clear. there have been no hearings, no mark ups no amendments. this is as bad as the original obama passing a $780 billion stimulus that nobody had read. or nancy pelosi saying you have to pass the bill to know what's in it. i don't think any republican ought to be touching this stuff. >> mr. speaker, hold on for a second. alley vels i velshi is with us. >> speaker, sorry to bother you while you're on vacation. listen, you called this an artificial creation of washington. you have actually suggested the many things that make up the fiscal cliff be divided up and tackles separately. i want you to listen to what president obama said earlier today and get your comment on it. let's listen to this. >> we're going to solve this problem instead in several ste
that's what they did with obama care. that's how the senate has done on a bipartisan basis, tax bills for i think the last 30 years. they deem this stuff -- they voted. they go home and say, look what we accomplished. nobody knows what's in the bill. none of the details are clear. there have been no hearings, no mark ups no amendments. this is as bad as the original obama passing a $780 billion stimulus that nobody had read. or nancy pelosi saying you have to pass the bill to know what's in it....
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obama care does raise taxes on rich people to pay for health insurance for poor people. that is fact number one. number two, as you are ringing in the new year, think about the fact that health care for the poor will actually be improving this year. there are more than 50 million people on medicaid. medicaid is the main program e used to give health care to the poor and to the children in this country. medicaid is super cheap. it is way, way cheaper than private insurance or medicare. and in part it is so cheap because it pays doctors a lot less than those programs do. that means a lot of doctors, particularly primary care doctors, don't want to participate in medicaid or they can't afford to. so a lot of folks on medicaid have trouble actually getting care. doctors who accept medicaid coverage are going to see a 73 -- primary care doctors i should say. a 73% raise in 2013. which means those folks will have more access to more doctors. so we're not just expanding health care for the poor in 2014. starting in 2013 we're making it better health care. that is fact number tw
obama care does raise taxes on rich people to pay for health insurance for poor people. that is fact number one. number two, as you are ringing in the new year, think about the fact that health care for the poor will actually be improving this year. there are more than 50 million people on medicaid. medicaid is the main program e used to give health care to the poor and to the children in this country. medicaid is super cheap. it is way, way cheaper than private insurance or medicare. and in...
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>> mcconnell cut the deal earlier about the payroll tax cut extension. so he has a track record, in spite of his rhetoric and saying that his number one priority was making sure president obama was a one-term president, he has managed to cut deals before and joe biden has cut deals, as well. so it doesn't surprise me that's where it's headed. but maybe his relationship with joe biden is better than it is with harry reid. >> what happened to john boehner? it was really interesting. i spent a lot of the christmas holidays in ohio. but also since i've come back, a question i get over and over and over again is, is john boehner a good guy? i think the point of that question is, is he willing to work with the president? is he willing to do what needs to be done to get a deal done? now obviously he's marginalized. but what happened there? >> i don't think it's a question of intent so much. because he's had at least two attempts at going for a bigger deal, a bigger bargain in terms of cutting deficits, raising taxes. he has tried to move his party, but he's inc
>> mcconnell cut the deal earlier about the payroll tax cut extension. so he has a track record, in spite of his rhetoric and saying that his number one priority was making sure president obama was a one-term president, he has managed to cut deals before and joe biden has cut deals, as well. so it doesn't surprise me that's where it's headed. but maybe his relationship with joe biden is better than it is with harry reid. >> what happened to john boehner? it was really interesting. i...
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he writes in part, for many republicans a cliff dive is blaming president obama for a big tax hike in the short term and then voting to cut taxes for most americans next month. for democrats, better than setting a rich man's cutoff in the million dollar range or extending tax cuts for all earners and slashing entitlem t entitlements to appease republicans. what does your gut tell you? do they want to go off the fiscal cliff? go to facebook.com/newsnation to vote. that does it for us. i'm craig melvin in for tamron hall. "the cycle" up next and go skins. new years clutter is no match for someone with big ideas. with a new project in mind, some how-to knowledge to give us an edge, and more savings down every aisle. it only takes a few twists and turns for those bright ideas to make the new year even brighter. more saving. more doing. that's the power of the home depot. start fresh and save with hdx 20 gallon totes, a special buy at just $5.88 a piece.
he writes in part, for many republicans a cliff dive is blaming president obama for a big tax hike in the short term and then voting to cut taxes for most americans next month. for democrats, better than setting a rich man's cutoff in the million dollar range or extending tax cuts for all earners and slashing entitlem t entitlements to appease republicans. what does your gut tell you? do they want to go off the fiscal cliff? go to facebook.com/newsnation to vote. that does it for us. i'm craig...
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caving on tacks" noting that he campaigned successfully on tax hikes for those making above $250,000, he writes the erosion signals a major substantive problem in its own right, but it raises disturbing questions about obama's ability to hand his entire second term agenda. is that fair? >> well, it's a question. i mean, it's -- obviously it's a fair question. the bottom line here is that what would happen if we went over the cliff? in my view it was worth hanging in there because this was the one and only time we were going to get revenues. i say that with some appreciation for the fact that everyday americans want us to get something done and we have another couple of months where fights will continue on. now, all of us will be looking to the president to be very aggressive in his leadership on the gun issue, on immigration reform. i think the more he weighs in with the assertive and middle class agenda, the stronger he will be. >> congressman, it's a pleasure to have you on the program on this new year's day. thank you very much. >> thank you. >> we've been telling you, we're just
caving on tacks" noting that he campaigned successfully on tax hikes for those making above $250,000, he writes the erosion signals a major substantive problem in its own right, but it raises disturbing questions about obama's ability to hand his entire second term agenda. is that fair? >> well, it's a question. i mean, it's -- obviously it's a fair question. the bottom line here is that what would happen if we went over the cliff? in my view it was worth hanging in there because...
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president obama went on "meet the press" to call out mcconnell and house speaker john boehner over tax hikes. >> i think it's been very hard for speaker boehner and republican leader mcconnell to know that taxes should go up as part of an overall deficit reduction. >> a health scare for hillary clinton. new details as the secretary of state undergoes treatment for a blood clot in a new york hospital. >>> ringing in the new year. from sydney to new york city. the world turns the page to 2013. good day. i'm chris live in washington in for andrea today. deal or no deal? as vice president joe biden and senate republican leader mitch mcconnell continue negotiations, we just have learned that president obama will speak about the fiscal cliff at 1:30 p.m. eastern time. with all that happening, let's get right to our daily fix. nbc's kelly o'donnell on capitol hill, nbc's kristen welker at the white house, and jonathan capehart, washington post editorial writer and my colleague and an msnbc contributor. okay, kelly. the action is on the hill where it's been for the last few days. let's start w
president obama went on "meet the press" to call out mcconnell and house speaker john boehner over tax hikes. >> i think it's been very hard for speaker boehner and republican leader mcconnell to know that taxes should go up as part of an overall deficit reduction. >> a health scare for hillary clinton. new details as the secretary of state undergoes treatment for a blood clot in a new york hospital. >>> ringing in the new year. from sydney to new york city. the...
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above $250,000 pay more taxes. they were not happy with the negotiation because the republicans obviously don't want to raise taxes on anybody but if they are going to give the president who won reelection more revenue as part of a balance deal, if you will, they were willing to go up to $450,000 and so the vice president is eceptionly say -- essentially saying to liberal democrats who want to raise taxes on more people this is a good deal and keeps us from going off the fiscal cliff. you need to get onboard with this and h help me pass this across the finish line. there may be a little bit of stroking of some democratic egos in the caucus meeting to try to get this done. >> mike emanuel, thank you. as we look live at the ohio clock, all the reporters crowd around any senator, any lawmaker frankly but it is all senators there on the senate side who is saying anything about anything that is going on. i can't tell who is talking right there but we will get the latest from our capitol hill producer who is up there get
above $250,000 pay more taxes. they were not happy with the negotiation because the republicans obviously don't want to raise taxes on anybody but if they are going to give the president who won reelection more revenue as part of a balance deal, if you will, they were willing to go up to $450,000 and so the vice president is eceptionly say -- essentially saying to liberal democrats who want to raise taxes on more people this is a good deal and keeps us from going off the fiscal cliff. you need...
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that is the level that president obama campaigned on. he said folks who make $250,000 or more should pay more in taxes. richard trumka expressing concern tonight that this will ultimately wind up taking a larger cut into spending than democrats will be comfortable with. so that is some of the criticism on the left. i imagine vice president biden have l have to answer some questions about that when he heads over to the hill. but as kelly mentioned, he has been one of the key negotiators in this entire process. remember, on saturday, milissa, these negotiations had all but stalled. and that is the point at which minority leader mcconnell picked up the phone, called biden, asked him to engage in these negotiations. he did. he is of course a veteran of the senate. few people understand how the inner works of the senate work as well as vice president biden. so he gotten gauged in these negotiations, really helped them to move forward. remember, he also has a very strong work relationship with mitch mcconnell. the two served together for about
that is the level that president obama campaigned on. he said folks who make $250,000 or more should pay more in taxes. richard trumka expressing concern tonight that this will ultimately wind up taking a larger cut into spending than democrats will be comfortable with. so that is some of the criticism on the left. i imagine vice president biden have l have to answer some questions about that when he heads over to the hill. but as kelly mentioned, he has been one of the key negotiators in this...
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>> well, the level at which taxes will rise above where they are right now, so obama's insistence has been, if you make over $250,000 a year, on the income over 250 you pay a little more in the new rates he's proposing. now, he's been willing -- it's been reported that he's gone as high as 400,000 in the negotiations with boehner. so that's a place for agreement. the other place is the estate tax. the estate tax is scheduled to rise by quite a bit at the stroke of midnight tomorrow night. republicans want to keep it low, democrats want it to go up a little bit. there's room for compromise there. and so, you know, it's not just marginal rates that are going up, there's a series of taxes that they're going to change. the thing that could not be settled today was this change cpi. essentially a benefit cut for social security recipients. that led to a breakdown in negotiations today, because republicans wanted those benefit cuts to social security. and democrats said no way. and that was the sticking point and that's when this thing moved from the senate over to biden and mcconnell where
>> well, the level at which taxes will rise above where they are right now, so obama's insistence has been, if you make over $250,000 a year, on the income over 250 you pay a little more in the new rates he's proposing. now, he's been willing -- it's been reported that he's gone as high as 400,000 in the negotiations with boehner. so that's a place for agreement. the other place is the estate tax. the estate tax is scheduled to rise by quite a bit at the stroke of midnight tomorrow night....
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. >>> looking beyond the senate deal, president obama is warning republicans that if they want future spending cuts, they're going to have to provide more tax revenue as well. >> if republicans think that i will finish the job of deficit reduction through spending cuts alone -- and you hear that sometimes coming from them, that sort of after today we're just going to try to shove only spending cuts down -- well, shove spending cuts at us. if they think that's going to be the formula for how we solve this thing, then they've got another think coming. >> that midday news conference didn't go over well with a lot of republicans, and they said that the president's sometimes mocking tone, as they felt it was, could hurt the fiscal cliff deal in the house. >> as i sort out my impressions of the president's remarks as to whether to be angry or to saddened. we have the president of the united states go over and have a cheerleading ridiculing of republicans exercise. >> let's bring in democratic strategist and former edwards communications director chris ka fiance and republican strategist and
. >>> looking beyond the senate deal, president obama is warning republicans that if they want future spending cuts, they're going to have to provide more tax revenue as well. >> if republicans think that i will finish the job of deficit reduction through spending cuts alone -- and you hear that sometimes coming from them, that sort of after today we're just going to try to shove only spending cuts down -- well, shove spending cuts at us. if they think that's going to be the...
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whether it is obama's tax increase, whether we get obama's tax increase tomorrow or get it a month from now the net result is still the same. we're going to have a less competitive economy because of what is coming out of washington. adam: chime in, rick said, nah why do you say that? >> you will get a tax increase. i think number will be closer to 500,000 before we're done. certainly closer than 250,000. this is, i don't know, for years i've had to listen to this, it is going to hurt our economy if we raise taxes on the top 2%. there are many things happening that can hurt our economy. the fact we're having this conversation two or three days before the end of the year is hurtings our economy. adam: but we've seen that. >> raising taxes isn't going to be it. adam: let me bring dan back in here. dan, i want to ask you, raising taxes only raises $80 billion at best in a budget almost a trillion dollars over budget. so what do you to fix that problem? >> all we have to do to balance the budget in 10 years limit the growth of government spending so that the budget climbs by an average 2.5%
whether it is obama's tax increase, whether we get obama's tax increase tomorrow or get it a month from now the net result is still the same. we're going to have a less competitive economy because of what is coming out of washington. adam: chime in, rick said, nah why do you say that? >> you will get a tax increase. i think number will be closer to 500,000 before we're done. certainly closer than 250,000. this is, i don't know, for years i've had to listen to this, it is going to hurt our...
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so to president obama, congratulations on your tax rate increase. you fought hard and you won. i hope i have the courage of my convictions not to raise the debt ceiling until you and others will work with me to find a plan to begin to get us out of debt. so you mentioned medicare today in your speech. i'm glad you did. in 2024, it completely becomes insolvent. think of how many people in this country need medicare and will need it 20 years from now. if we don't do something, it's going to run out of money. the age of eligibility for medicare recipients is 65. it hasn't changed one day since 1965 when it was first started. we're all living longer. i propose we adjust the retirement age to 67 over a 10 or 20-year period. that will save the program in many ways. people in my income level, we shouldn't get any money from the government to help buy my prescription drugs. i should pay the full cost because i can afford to. that's called means testing. and this c.p.i. thing you hear a lot about, that's how you evaluate benefits. it needs to be re-evaluated based on real inflation. we'
so to president obama, congratulations on your tax rate increase. you fought hard and you won. i hope i have the courage of my convictions not to raise the debt ceiling until you and others will work with me to find a plan to begin to get us out of debt. so you mentioned medicare today in your speech. i'm glad you did. in 2024, it completely becomes insolvent. think of how many people in this country need medicare and will need it 20 years from now. if we don't do something, it's going to run...
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again, that is what president obama told us yesterday -- we will run out of other people's money by what is now this year, and he will head to go back to the well, and lower the threshold for texas. -- taxes. i was thinking, greta, what would be a great idea -- currently there is no tax on political campaigns, but a wonderful incentive to make the tax code more fair is if they levied a tax on political campaigns. after all, they usually raise many millions of dollars. it is a million-dollar company. whatever the tax rate is, the highest tax rate for some succor of their making money, -- sucker out there making money, apply that to political campaigns, so they not only have to raise the money for the campaigns, but also the 39% tax. i do not know what you would do with that money, maybe directly to deficit reduction, but i think it would be a nice incentive. host: we should note that while the house is coming in at noon and it could vote as early as 1:00 p.m. today, the senator did not get -- the senate did not go home after building this -- voting earlier this morning. harry reid said th
again, that is what president obama told us yesterday -- we will run out of other people's money by what is now this year, and he will head to go back to the well, and lower the threshold for texas. -- taxes. i was thinking, greta, what would be a great idea -- currently there is no tax on political campaigns, but a wonderful incentive to make the tax code more fair is if they levied a tax on political campaigns. after all, they usually raise many millions of dollars. it is a million-dollar...
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look, taxes are probably going to go up on the rich because president obama did -- you know, he went around the country saying if he was re-elected, that's what he would do. but, you know, as i told you many times, even if we don't get a deal here in the next 24 hours, this is not thelma and louise. this is a slope, not a cliff that's going to cause a crash in the economy. i do think it looks bad for the country. it's beneath us to go into this new year not knowing what the tax code is going to look like, what kind of spending cuts will go in. this is politics at its very lowest. >> let's talk about a week ago one of the things that you and i both thought shall i thought it was a bit cynical that john boehner would put forward this plan "b." it sort of showed a lack of faith in his negotiations with the president but he put forward a plan that would increase taxes on those earning a million dollars or more per year and grover norquist to whom everybody has signed this pledge, this never increase taxes pledge, actually looked it over and said, that's all right. i can live with that. s
look, taxes are probably going to go up on the rich because president obama did -- you know, he went around the country saying if he was re-elected, that's what he would do. but, you know, as i told you many times, even if we don't get a deal here in the next 24 hours, this is not thelma and louise. this is a slope, not a cliff that's going to cause a crash in the economy. i do think it looks bad for the country. it's beneath us to go into this new year not knowing what the tax code is going to...
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tax hikes and spending cuts. president obama said to speak in about 30 minutes from now. shibani: stocks are holding their ground. waiting for some sort of news out of washington. the dow sitting at session highs. at least we are closing. ashley: it changes with every headline. the world ringing in the new year. new zealand, australia, japan, china, we will get a sneak preview of celebrations being planned as times square gets prepared for 1 million visitors. it is a complete nightmare. [ laughter ] ashley: time now for stocks now as we do every 15 minutes. we are up 51 points. not too bad on this last trading day of the year. >> that is right. the dow has been pretty flat. going back and forth between the red and green. the nasdaq is up 30. same goes for the s&p stock of about nine points. we are also watching a settlement between u.s. regulators and about a dozen banks. sources tell the "new york times" that 14 banks include tank of america, wells fargo and jpmorgan chase. we are taking a look at those stocks. back to you. ashley: diane, thank you very much. well, the q
tax hikes and spending cuts. president obama said to speak in about 30 minutes from now. shibani: stocks are holding their ground. waiting for some sort of news out of washington. the dow sitting at session highs. at least we are closing. ashley: it changes with every headline. the world ringing in the new year. new zealand, australia, japan, china, we will get a sneak preview of celebrations being planned as times square gets prepared for 1 million visitors. it is a complete nightmare. [...
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cuts and president obama campaigned and sounds like, 400,000 may be where they're heading. a leader says that permanency is key, and fixing the death tax and a permanent solution for the alternative minimum tax which threatens 28 million americans every year, would also help win republican support, heather. >> mike emanuel reporting from washington with the latest, thank you, mike. >> kelly: heather and mike, thank you very much. and president obama trying to light a fire under congressional lawmakers, urging them to come up with a deal after friday's bipartisan white house summit. >> we're now at the last minute. and the the american people are not going to have any patience for a politically self-inflicted wound to our economy. >> kelly: so the question becomes, why can't washington seem to work this out? why has it taken so long when they knew they had this fiscal cliff coming to them? joining me now for a fair and balanced debate on the topic, angela mcglowan is with us, and mark hanna, a strategist and former aide to the john kerry and barack obama campaigns. thank you
cuts and president obama campaigned and sounds like, 400,000 may be where they're heading. a leader says that permanency is key, and fixing the death tax and a permanent solution for the alternative minimum tax which threatens 28 million americans every year, would also help win republican support, heather. >> mike emanuel reporting from washington with the latest, thank you, mike. >> kelly: heather and mike, thank you very much. and president obama trying to light a fire under...
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president obama says the u.s. markets and economy will suffer if congress fails to act. and here is what the major players had to say at least publicly this weekend. >> if you look at projections of 2013, people generally felt that the economy would continue to grow, unemployment would continue to tick down, housing would continue to improve, but what's been holding us back is the dysfunction here in washington. >> the sticking point appears to be a willingness, and interest or frankly, the courage to close the deal. >> i will say this. i think that the republican leader has shown absolutely good faith. it's just that we are apart on some pretty big issues. >> i want everyone to know i'm willing to get this done. but i need a dance partner. >> mitch mcconnell, who you just heard from there, is trying to enlist vice president joe biden in the fiscal cliff talks. in the absence of a deal, senator reid is prepared to hold a bill on the president's backup plan. and as all of this goes back and forth, here is how markets are faring ahead of the open today. futures show the do
president obama says the u.s. markets and economy will suffer if congress fails to act. and here is what the major players had to say at least publicly this weekend. >> if you look at projections of 2013, people generally felt that the economy would continue to grow, unemployment would continue to tick down, housing would continue to improve, but what's been holding us back is the dysfunction here in washington. >> the sticking point appears to be a willingness, and interest or...
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the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest americans are protected. >> if a deal is not reached by midnight tonight, taxes go up for nine out of ten americans and 2 million people without jobs will not get unemployment insurance starting tomorrow. sharp cuts in defense spending and programs will kick in onnian 2nd. >>> even if lawmakers cannot strike a deal, there will not be panic in the dairy aisle. there is a deal in place to make sure that milk prices do not skyrocket. cnbc's hampton pearson is live with more. >> how are you doing, erika. picking up on what you were talking about, congress may be having trouble avoiding the fiscal cliff. but they might be able to skirt the dairy cliff. the u.s. farm bill could keep milk prices from surging next year. it would keep a subsidy from coming back to life when the current farm bill expires today. under a 1949 law, the usda would be forced to buy milk at prices well above what farmers are getting now as the subsidies provide. that could push prices up to twice the national average
the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest americans are protected. >> if a deal is not reached by midnight tonight, taxes go up for nine out of ten americans and 2 million people without jobs will not get unemployment insurance starting tomorrow. sharp cuts in defense spending and programs will kick in onnian 2nd. >>> even if lawmakers cannot strike a deal, there will not be panic in the dairy aisle. there is a deal in...
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do not have to vote for a tax increase. it happens with or without you. you do not have to vote for a tax increase in that way. obama has something to worry about here, by the way. the republicans could even lose the next election because of this. he will have to live with this in the history books. dagen: reelection or legacy? great to speak with you, david. happy new year. tom kloza is coming up next. we had record gas prices this year. the average price we paid this year was a new record. will it be even higher in 2013? the top-selling car in 2012 was the ford focus. kind of little. if you are celebrating, finding that cab ride home after the party is going to cost you some coin. we are talking about limo service. i have used it. it is kind of nice. take a look at the treasury markets. the bond market closes today, early at 2:00 p.m. eastern time. that is what the federal government can do, it can borrow money at that. ♪ [ male announcer ] this is joe woods' first day of work. and his new boss told him twongs -- cook w
do not have to vote for a tax increase. it happens with or without you. you do not have to vote for a tax increase in that way. obama has something to worry about here, by the way. the republicans could even lose the next election because of this. he will have to live with this in the history books. dagen: reelection or legacy? great to speak with you, david. happy new year. tom kloza is coming up next. we had record gas prices this year. the average price we paid this year was a new record....
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meeting this the red room, president obama held firm for tax cuts for families making up to $250,000 per year, and joining me on the north lawn of the white house is kristen welker. kristen, let's listen to what the president said about and up or down vote or what he expects from the senate. >> i had a good and constructive discussion here with the leadership about this tax hike on the middle-class. i am optimistic that we can reach an agreement that will be passed in both houses. if an agreement is not reached in time between senator reid and senator mcconnell, then i will urge senator reid to bring to the floor and up or down vote for the floor, and i believe a p proposal could pass both houses with majorities as long as the leaders allow it to actually come to a vote. if members of the house or the senate want to vote no, they can. but we should let everybody vote. >> kristen, this up or down vote seems to be be the big news of the day, and isn't this what the white house wanted all along? >> well, it is. it is prp's way of saying, look, vote on his basic proposal, the proposal th
meeting this the red room, president obama held firm for tax cuts for families making up to $250,000 per year, and joining me on the north lawn of the white house is kristen welker. kristen, let's listen to what the president said about and up or down vote or what he expects from the senate. >> i had a good and constructive discussion here with the leadership about this tax hike on the middle-class. i am optimistic that we can reach an agreement that will be passed in both houses. if an...
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why is obama caving on taxes? the article reads in part, the erosion signals not only a major substantive problem in its own right but also raises disturbing questions about obama's ability to handle his entire second-term agenda. do republicans sense a little weakness here, an opportunity? could the president's concession hurt his ability later on to negotiate with the gop? >> no. i think he is doing what needs to be done. unfortunately, this president hasn't operated or led this country like keith's former boss, president clinton, who understood the art of negotiation and actually getting there and rolling up his sleeves and having discussions well before everyone's back is against the wall. i can't believe i'm saying it but i am encouraged to see joe bide nen there and talking with mitch mcconnell. it is good to have the negotiations. they need to in her reference it's better to have them as fred as tear and ginger rogers dancing and discussing issues back and forth as opposed to what we have with thelma and lo
why is obama caving on taxes? the article reads in part, the erosion signals not only a major substantive problem in its own right but also raises disturbing questions about obama's ability to handle his entire second-term agenda. do republicans sense a little weakness here, an opportunity? could the president's concession hurt his ability later on to negotiate with the gop? >> no. i think he is doing what needs to be done. unfortunately, this president hasn't operated or led this country...
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. >> president obama is not the bad guy. you could see this love fest at the press conference this afternoon. american people totally understand and are supporting overwhelmingly what the president has proposed. they want tax cuts for the 98%, not for the top 2%. we've been at a standstill with plan "b" which never was a plan "b" to begin with because we're sacrificing the greater good for such a small minority. >> jimmy and susan, i am going to ask you about the president's press conference and whether you thought it was a bad idea. but when angela was talking, susan, you were shaking your head when she said that the american people are behind the president. >> well, i think right now the american people are frustrated with washington, and that's where that's going to come down. yes, the president is better than the worst guy. boehner is the worst guy and the president is better than that, but that's not the standard you want to meet. you want to have a standard of we respect our government and we're going forward. so that'
. >> president obama is not the bad guy. you could see this love fest at the press conference this afternoon. american people totally understand and are supporting overwhelmingly what the president has proposed. they want tax cuts for the 98%, not for the top 2%. we've been at a standstill with plan "b" which never was a plan "b" to begin with because we're sacrificing the greater good for such a small minority. >> jimmy and susan, i am going to ask you about the...
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which i would say should be exact replica that you pass obama cut, pure tax cut, as we went over the cliff. do it on income tax, capital gains. you are saying we'll introduce the cut thursday. clean bill. none of the other stuff in it, like the wind power credit and all of this other stimulus junk. that would be what theteams are demanding. give it to them on monday. -- thursday, it will be a pure tax cut. >> by the time you get there, you have a market retook whatever is happening in washington. the asian markets open in 15 minutes. tomorrow market reacting to the past couple of days. steve, what about the premise they don't go forward with amending it. they pass it. all democratic votes and 40, 50 republican votes. >> that is probably the most likely outcome at this point unless they get to 218. it doesn't make sense to do this. the time to have had the fight over the substance in my view was in the past. i don't understand why there wasn't more coordination between the leaders in the house and senate on the republican side to get away from this. if you want to distance yourself, t
which i would say should be exact replica that you pass obama cut, pure tax cut, as we went over the cliff. do it on income tax, capital gains. you are saying we'll introduce the cut thursday. clean bill. none of the other stuff in it, like the wind power credit and all of this other stimulus junk. that would be what theteams are demanding. give it to them on monday. -- thursday, it will be a pure tax cut. >> by the time you get there, you have a market retook whatever is happening in...
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president obama wants higher taxes on the wealthy, stimulus spending, limited cuts to entitlements, and speaker boehner wants limited tax increases and keep his job. bob, which -- where do we go from here if a deal isn't hashed out in the next few hours? >> not necessarily in that order. i think the priorities for john boehner may have been turned around. jared is an old jazz fan, as am i, and he knows that miles davis had a song called "so what" and i think that might be the background music right now as all the posturing is going on in public. the simple fact of the matter is that they are setting up the process for working out a deal after they have scared the daylights out of everybody, and it would seem to me that to quote another song, which is "what are you going to be doing new year's eve," i think that we'll be finding that these people are still hard at it and maybe calling congress into session tomorrow night which is a really rotten way to end the year. >> jared, explain for our viewers what it really means to go over the cliff. >> well, first of all, as a former jazz bassis
president obama wants higher taxes on the wealthy, stimulus spending, limited cuts to entitlements, and speaker boehner wants limited tax increases and keep his job. bob, which -- where do we go from here if a deal isn't hashed out in the next few hours? >> not necessarily in that order. i think the priorities for john boehner may have been turned around. jared is an old jazz fan, as am i, and he knows that miles davis had a song called "so what" and i think that might be the...
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won and, gets the tax rate increases. on the other hand, you do have another deadline coming in about two months, according to timothy geithner and that is the increase in the debt ceiling and at that point, it would seem to me the republicans hold most of the leverage, because they can at least threaten to send the country into default unless there are serious and main spending cuts. at that point does this obama victory perhaps look a little different? >> well, i mean, i think the question is, are they really going to want to do what they did last time with the debt ceiling, which ultimately caused us to have a downgrade of our economy. do they want to do that again? i think it is a bit of bluffing. i don't think they really want to do that. in terms of the president winning, he has won, though he will catch a lot of grief as byron alluded to from the left for, if he goes up to 400,000, for example, they think he should stick at 250 and don't want any kind of social security cuts and that is on the table apparently in t
won and, gets the tax rate increases. on the other hand, you do have another deadline coming in about two months, according to timothy geithner and that is the increase in the debt ceiling and at that point, it would seem to me the republicans hold most of the leverage, because they can at least threaten to send the country into default unless there are serious and main spending cuts. at that point does this obama victory perhaps look a little different? >> well, i mean, i think the...